Corpay acquires Alpha Group
Client(s) Corpay, Inc.
Jones Day is advising Corpay, Inc. (NYSE: CPAY) in connection with its recommended cash acquisition of Alpha Group International plc (LSE: ALPH) (“Alpha”). The acquisition values Alpha at an enterprise valuation of approximately $2.2 billion (£1.6 billion). Alpha is a leading provider of B2B cross border FX solutions to corporations and investment funds in the UK and Europe. Alpha pioneered alternative bank accounts as a simpler, faster way for investment managers to fund their investments and pay expenses anywhere in Europe. Today, Alpha holds approximately $3 billion of deposits in over 7,000 client accounts.
Under the terms of the offer, Alpha shareholders would receive £42.50 per share, representing a 55% premium to Alpha’s undisturbed closing share price on May 1, 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4 billion (£1.8 billion).
The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006. The Board of Alpha intends unanimously and unconditionally to recommend that Alpha shareholders vote in favor of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder, former CEO and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well.
The transaction is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. Corpay expects to fund the acquisition through a combination of cash, debt, bank capital optimization and non-core divestitures.
